My father passed away and I have a sizable amount of money in an inherited IRA (about 2 times my yearly salary). I don't have any debt to pay off as I already own my home, auto, no credit card debt, and an existing well funded 401k.
This year I am required to start taking distributions. I really don't need any of the RMD money at this point, so I need to put it somewhere for long term growth. I wish I could just leave it alone.
I was initially thinking of putting this money in to a Roth IRA. However, I learned that there is a $5K limit per year for contributions to this. I would prefer to get out of the situation where I take yearly distributions as soon as possible, since I just want to let the money sit and grow in a low maintenance cost Vanguard fund, but I'm worried about losing a lot of this to taxes.
I'm not sure how to move the money from my Inherited IRA to another type of retirement account or index fund. Any suggestions? Should I try and do this over the course of a couple years or stretch it out longer?